Otter tail corp (OTTR)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Operating Revenues:
Total Operating Revenues

234,747

215,676

228,652

229,203

245,972

221,171

227,662

226,348

241,266

206,690

216,457

212,086

214,117

196,640

197,175

203,482

206,242

188,787

200,023

188,153

202,841

193,407

196,525

194,364

214,966

83,303

229,768

212,389

217,954

63,558

215,316

211,401

219,890

25,350

282,373

283,298

249,148

-36,849

259,746

251,314

243,686

257,440

246,857

Construction Services

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

47,509

34,994

26,417

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Nonelectric

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

126,766

132,461

129,922

-

197,255

205,320

157,622

-122,984

170,474

173,838

152,305

183,934

176,247

Operating Expenses
Production Fuel – Electric

13,735

13,709

18,331

8,296

18,920

15,092

17,129

15,888

18,706

14,735

16,096

12,477

16,382

14,313

14,789

9,990

15,700

12,838

11,124

4,183

14,599

17,462

15,121

12,603

22,030

18,907

18,785

15,603

17,953

17,783

20,622

12,455

15,424

13,280

19,080

17,080

19,577

17,491

18,210

16,492

20,909

13,172

11,754

Purchased Power – Electric System Use

85,879

77,794

88,747

97,996

90,582

78,868

93,361

93,545

88,785

71,042

86,230

84,013

75,277

66,229

75,405

80,949

72,639

70,120

78,428

74,986

71,498

68,568

85,384

80,178

73,939

68,666

74,477

72,337

67,787

-51,829

103,152

108,426

110,296

-242,716

171,157

179,241

140,339

-83,392

138,403

137,012

117,484

-

-

Electric Operation and Maintenance Expenses

40,615

39,422

35,869

39,856

38,382

44,421

33,897

37,741

39,475

37,420

35,469

36,748

37,277

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of Construction Revenues Earned (depreciation included below)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

40,998

31,600

24,275

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cost of Goods Sold - Nonelectric (excludes depreciation; included below)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

141,318

135,319

Other Nonelectric Expenses

11,900

12,378

11,665

13,262

13,477

13,854

12,547

12,649

12,494

10,867

10,631

9,859

10,135

7,793

10,197

9,238

11,455

7,964

10,771

8,823

12,463

13,601

9,707

12,722

9,951

1,263

12,857

12,176

13,778

968

12,424

12,979

13,902

92

19,114

17,014

13,076

-47,784

32,298

32,463

29,738

30,476

32,410

Asset Impairment Charge

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

432

-

-

-

-

-

-

19,740

-

0

0

Product Recall and Testing Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Depreciation and Amortization

20,399

19,857

19,657

19,441

19,131

18,450

18,708

18,745

18,763

18,856

17,927

17,908

17,854

18,317

18,314

18,525

18,289

16,026

15,141

14,661

14,535

14,778

14,557

14,472

14,267

13,082

15,039

14,835

14,920

13,117

15,057

14,890

14,793

6,073

17,604

17,552

17,106

1,233

19,175

18,655

18,584

18,345

18,103

Purchased Power Electric System Use

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,473

15,127

16,886

16,049

18,725

19,684

23,692

16,877

10,710

16,476

21,785

15,431

8,691

11,245

16,639

14,560

8,138

12,328

14,158

15,692

7,488

7,894

12,377

12,058

10,254

10,420

12,056

11,112

11,877

Property Taxes – Electric

4,100

3,961

3,965

3,900

3,959

4,383

4,094

3,273

3,835

3,825

3,721

3,709

3,798

-100,940

36,207

38,981

40,018

32,839

32,648

37,754

37,527

34,194

33,346

39,774

34,622

34,517

30,626

35,805

32,447

29,932

28,717

32,407

30,013

31,145

27,323

28,687

28,708

27,357

27,098

29,253

28,466

23,327

28,959

Property Taxes Electric

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,506

3,589

3,679

3,188

3,560

3,262

3,502

3,071

3,178

3,387

2,971

2,223

3,163

3,009

2,916

2,600

2,833

2,670

2,617

2,763

2,601

2,417

2,409

2,142

2,271

2,477

2,474

2,194

2,255

Total Operating Expenses

195,458

184,439

191,397

202,384

206,403

197,764

189,400

196,243

203,651

172,617

183,445

181,090

179,911

161,952

169,891

176,399

178,666

159,024

170,397

163,353

177,816

168,551

172,003

179,612

179,565

57,216

204,636

196,610

190,715

27,131

190,943

196,155

201,635

428

264,367

269,885

233,592

-90,635

247,709

266,512

229,711

239,944

240,677

Operating Income

39,289

31,237

37,255

26,819

39,569

23,407

38,262

30,105

37,615

34,073

33,012

30,996

34,206

34,688

27,284

27,083

27,576

29,763

29,626

24,800

25,025

24,856

24,522

14,752

35,401

26,087

25,132

15,779

27,239

36,427

24,373

15,246

18,255

24,922

18,006

13,413

15,556

53,786

12,037

-15,198

13,975

17,496

6,180

Interest Charges

8,123

8,221

7,539

7,825

7,826

7,811

7,549

7,676

7,372

7,222

7,393

7,527

7,462

7,890

8,026

7,976

7,994

7,985

7,730

7,702

7,743

7,739

7,688

7,626

6,595

6,543

6,574

6,877

6,980

6,933

7,904

8,472

8,594

8,319

8,696

9,138

9,476

9,141

9,287

9,398

9,022

7,358

6,652

Nonservice Cost Components of Postretirement Benefits

871

1,128

1,055

1,075

1,035

1,380

1,326

1,386

1,417

1,405

1,403

1,407

1,405

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other (Loss) Income

-389

1,998

1,020

850

1,244

326

1,245

707

1,183

935

592

552

553

474

499

1,532

400

704

334

567

572

684

494

844

1,535

1,142

1,401

696

861

1,636

653

644

982

1,219

408

765

371

490

704

552

13

1,609

1,351

Loss on Early Retirement of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-13,106

-

-

-

-

-

-

-

-

-

-

-

-

Income Before Income Taxes

29,906

23,886

29,681

18,769

31,952

14,542

30,632

21,750

30,009

26,381

24,808

22,614

25,892

22,162

19,757

20,639

19,982

22,482

22,230

17,665

17,854

17,801

17,328

7,970

30,341

10,434

19,959

9,598

21,120

31,130

4,016

7,418

10,643

17,822

9,718

5,040

6,451

-

-

-

-

-

-

Income (Loss) Before Income Taxes - Continuing Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,454

-24,044

4,966

11,747

879

Income Tax Expense

5,638

3,534

4,936

3,343

5,628

381

7,359

3,054

3,794

7,961

7,035

5,897

6,363

4,481

5,163

5,083

5,492

7,040

6,521

4,008

4,073

3,755

4,156

84

8,562

-597

5,133

2,094

5,886

6,973

-785

517

468

586

2,382

-85

1,238

9,954

-607

-7,769

1,653

1,155

-1,852

Net Income from Continuing Operations

-

-

-

-

-

-

-

-

-

-

17,773

16,717

19,529

-

14,594

15,556

14,490

15,442

15,709

13,657

13,781

14,046

13,172

7,886

21,779

11,031

14,826

7,504

15,234

24,157

4,801

6,901

10,175

17,236

7,336

5,125

5,213

35,181

4,061

-16,275

3,313

-

-

Discontinued Operations
Income from Discontinued Operations net of Income Tax Expense of $38 in 2017

-

-

-

-

-

-

-

-

-

-

-

-

56

-

-

-

-

-1,088

-252

-1,992

-2,072

2,034

2,653

2,107

-349

1,632

312

197

-81

-14,555

-2,928

3,657

157

-14,714

-514

451

483

-

2,040

2,057

-

-

-

Impairment Loss net of Income Tax (Benefit) of $0 in 2015

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,000

0

0

-1,000

-

-

-

-

-

-

-

-

-

-

27,459

-

-

-

-

-

-

-

-

-

-

-

(Loss) Income net of Income Tax (Savings) Expense of $0, ($25), $0 and $53 for the respective periods

-

-

-

-

-

-

-

-

-

-

-39

61

-

-

22

119

30

228

-65

-229

7,226

-

-

-

-

0

0

0

210

-1,987

0

-455

-3,089

-

-454

13,252

-

-

-

-

-

-

-

Net (Loss) Income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-860

-317

-2,221

4,154

-3,571

2,653

2,107

-349

1,632

312

197

129

-21,190

-2,928

-24,257

-2,932

-61,371

-968

13,703

483

-33,125

2,040

2,057

1,404

-

-

Net Income

24,268

20,352

24,745

15,426

26,324

14,161

23,273

18,696

26,215

18,342

17,734

16,778

19,585

17,510

14,616

15,675

14,520

14,582

15,392

11,436

17,935

10,475

15,825

9,993

21,430

12,663

15,138

7,701

15,363

2,967

1,873

-17,356

7,243

-44,135

6,368

18,828

5,696

2,056

6,101

-14,218

4,717

10,592

2,731

Preferred Dividend Requirement and Other Adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

513

185

183

184

184

184

184

506

184

183

187

279

184

184

184

Earnings Available for Common Shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,663

15,138

7,701

14,850

2,782

1,690

-17,540

7,059

-44,319

6,184

18,322

5,512

1,873

5,914

-14,497

4,533

10,408

2,547

Average Number of Common Shares Outstanding—Basic (in shares)

40,217

39,799

39,714

39,712

39,657

39,621

39,621

39,605

39,550

39,507

39,507

39,462

39,350

39,236

38,832

38,179

37,936

37,728

37,575

37,433

37,243

36,809

36,596

36,409

36,240

36,179

36,179

36,170

36,075

36,104

36,061

36,031

35,995

-35,805,024

35,933

35,926

35,876,853

-71,641,261

35,806,453

35,799,231

35,720

35,528

35,388

Average Number of Common Shares Outstanding—Diluted (in shares)

40,444

40,047

39,946

39,917

39,903

39,922

39,903

39,879

39,863

39,854

39,795

39,702

39,640

39,551

39,005

38,321

38,045

37,726

37,794

37,653

37,497

37,088

36,838

36,652

36,431

36,405

36,381

36,373

36,259

36,363

36,252

36,222

36,129

-36,009,433

36,171

36,163

36,081,426

-71,911,447

36,076,421

35,799,231

35,939

35,788

35,643

Basic Earnings Per Common Share:
Continuing Operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.45

0.43

0.50

-

0.38

0.41

0.38

0.40

0.42

0.37

0.37

0.39

0.36

0.21

0.60

0.30

0.41

0.21

0.41

0.65

0.13

0.19

0.28

0.47

0.20

0.14

0.14

0.97

0.11

-0.46

0.09

-

-

Discontinued Operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

-0.02

-0.01

-0.06

0.11

-0.10

0.07

0.06

-0.01

0.04

0.01

0.01

0.00

-0.58

-0.08

-0.68

-0.08

-1.70

-0.03

0.37

0.01

-0.93

0.06

0.06

0.04

-

-

Basic Earnings Per Common Share (in dollars per share)

0.60

0.52

0.62

0.39

0.66

0.36

0.59

0.47

0.66

0.46

0.45

0.43

0.50

0.45

0.38

0.41

0.38

0.38

0.41

0.31

0.48

0.29

0.43

0.27

0.59

0.35

0.42

0.21

0.41

0.07

0.05

-0.49

0.20

-1.23

0.17

0.51

0.15

0.04

0.17

-0.40

0.13

0.29

0.07

Diluted Earnings Per Common Share:
Continuing Operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.45

0.42

0.49

-

0.37

0.41

0.38

0.41

0.42

0.36

0.37

0.38

0.36

0.21

0.60

0.30

0.41

0.21

0.41

0.65

0.13

0.19

0.28

0.47

0.20

0.14

0.14

0.97

0.11

-0.46

0.09

-

-

Discontinued Operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

-0.02

-0.01

-0.06

0.11

-0.10

0.07

0.06

-0.01

0.04

0.01

0.01

0.00

-0.59

-0.08

-0.67

-0.08

-1.70

-0.03

0.37

0.01

-0.92

0.05

0.06

0.04

-

-

Diluted Earnings Per Common Share (in dollars per share)

0.60

0.50

0.62

0.39

0.66

0.35

0.58

0.47

0.66

0.46

0.45

0.42

0.49

0.45

0.37

0.41

0.38

0.39

0.41

0.30

0.48

0.28

0.43

0.27

0.59

0.35

0.42

0.21

0.41

0.06

0.05

-0.48

0.20

-1.23

0.17

0.51

0.15

0.05

0.16

-0.40

0.13

0.29

0.07

Dividends Declared Per Common Share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.32

0.32

0.32

0.31

0.31

0.31

0.31

0.30

0.30

0.30

0.30

0.30

0.30

0.30

0.30

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

0.29

Electricity [Member]
Revenues from Contracts with Customers

119,957

111,726

115,285

101,861

129,144

115,779

105,749

105,284

123,825

111,117

102,923

102,655

119,782

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-

-

-

-

-

-

-

-

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-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in Accrued Revenues under Alternative Revenue Programs

-87

2,633

-921

369

-1,049

2,318

-317

-1,565

-875

-779

471

-424

-1,239

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-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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-

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-

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-

-

-

-

Total Electric Revenues

119,870

114,359

114,364

102,230

128,095

118,097

105,432

103,719

122,950

110,338

103,394

102,231

118,543

113,734

102,712

97,918

112,985

102,041

100,538

90,927

113,533

106,302

89,376

92,903

119,048

103,373

86,275

82,838

100,976

93,231

88,550

78,940

89,968

88,011

85,118

77,978

91,526

86,135

89,272

77,476

91,381

73,506

70,610

Product [Member]
Revenues from Contracts with Customers

114,877

101,317

114,288

126,973

117,877

103,074

122,230

122,629

118,316

96,352

113,063

109,855

95,574

82,906

94,463

105,564

93,257

86,746

99,485

97,226

89,308

87,105

107,149

101,461

95,918

88,850

95,984

94,557

90,561

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Electricity, Purchased [Member]
Purchased Power – Electric System Use

18,830

17,318

13,163

19,633

21,952

22,696

9,664

14,402

21,593

15,872

13,371

16,376

19,188

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